PAGCOR profits nearly halved in 20Q1

Philippines gaming regulator PAGCOR saw its net income fall 49.9 percent to P777.4 billion (US$15.4 billion) in the first quarter of 2020, with gaming revenue falling slightly due to a suspension of casino operations that came mid-March. 

Said gaming revenue fell 5.7 percent year-on-year to P17.2 billion, compared to P18.3 billion in 19Q1. 

Casinos in Manila are due to remain closed until at least May 15, with President Rodrigo Duterte extending the lockdown past May 1 earlier this week. 

The gaming regulator and its licensees have also been active in relief efforts relating to the COVID-19 pandemic.

In March, the regulator released P12 billion in cash dividends to the government’s COVID-19 response fund and remitted another P8.5 billion to the Office of the President to fight against the pandemic. 

According to PAGCOR’s announcements page, Manila’s four Entertainment City licensees, which include Bloomberry Resorts, Melco Philippines, Travellers International Hotel Group, and Okada Manila donated more than P200 million for COVID-19 relief in March.  

In April, PAGCOR remitted an additional P6 billion to the Office of the President.